Ryanair posts another record profit

LCC promises higher profits, and lower fares, to come
Ryanair has posted a record annual profit, despite fears over Brexit and falls in its fares due to overcapacity. It promises even higher profits, and even lower fares, next year.
Europe’s biggest airline by passenger numbers reports net profit of €1.316 billion, up 6%, which is in line with its own and analysts’ forecasts.
It now expects its fares to fall by 5% to7% in the year to the end of March 2018, compared to a 13% fall in the year ending March 2017.
After years of falling ticket prices, European carriers are starting to see signs of a turnaround as the decline in fares slows.
Ryanair operates 1,800 flights a day across 34 countries, flying 120 million passengers in the year to the end of March. It targets 130 million passengers for the year to March 2018.
“We are pleased to report a 6 percent increase in profit after tax … despite difficult trading conditions caused by a series of security events at European cities, a switch of charter capacity from North Africa, Turkey and Egypt to mainland Europe, and a sharp decline in Sterling following the June 2016 Brexit vote,” chief executive Michael O’Leary said in a statement.Reuters